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NewsGamuda 3Q profit plunges 48% yoy due to one-off provisions made
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Gamuda 3Q profit plunges 48% yoy due to one-off provisions made
by Cals Thu 27 Jun 2013, 22:50
| Gamuda 3Q profit plunges 48% yoy due to one-off provisions made |
| Business & Markets 2013 |
| Written by theedgemalaysia.com |
| Thursday, 27 June 2013 20:11 |
KUALA LUMPUR (June 27): GAMUDA BHD [] reported that its net profit for third quarter to end-April 2013 fell 48.2% to RM71.39 million, from RM138.01million a year ago, due to a one-off provision of RM113 million.
But Gamuda's revenue rose 28.3% to RM905.57 million from RM705.86 million. Earnings per share were 3.37 sen compared with 6.65 sen.
It declared a single tier second interim dividend of six sen per share.
"The decrease in profit …resulted from the one-off provision for expenses in respect of the awards rendered by the Arbitral Tribunals in favour of the group's subcontractors," the CONSTRUCTION [] and infrastructural company said in its filing to Bursa.
On outlook, Gamuda said the Group's results (excluding the one-off provision) are expected to further improve in the remaining quarter of this financial year, supported by on-going construction projects, strong unbilled sales of the property division and steady earnings from the water and expressway concessions division.
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